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New Video Gaming Tax Credit Signed
Governor Nathan Deal signed legislation into law on Wednesday, May 2, letting Georgia’s growing video gaming industry keep state tax credits, but with new limitations.
Over the past few years, Georgia has developed hundreds of new jobs for the game industry including graphic designers, software engineers, developers and musicians. About 20 colleges and universities in the state currently offer a game program, with more predicted to come.
“Since the adoption of the current tax incentive program the economic impact of the entertainment industry has increased more than 1,000%,” said Deal. “This 30% tax credit is essential to the continued growth of the industry, and I will fight to make sure it stays in place for as long as I am governor.”
The new signed bill will take effect Jan. 1, 2013, and will cap the 30% credit at $25 million for the game industry, while limiting individual video game companies to $5 million.
For more information about House Bill 1027, visit the Georgia General Assembly.